(a) Except with respect to a federal covered investment adviser described in (b) of this section, a federal covered investment adviser may not transact business in this state as a federal covered investment adviser unless the federal covered investment adviser complies with (c) of this section.

Terms Used In Alaska Statutes 45.56.360

  • federal covered investment adviser: means a person registered under 15 U. See Alaska Statutes 45.56.900
  • filing: means the receipt under this chapter of a record by the administrator or a designee of the administrator. See Alaska Statutes 45.56.900
  • investment adviser: includes a financial planner or other person that, as an integral component of other financially related services, provides investment advice to others for compensation as part of a business or that holds itself out as providing investment advice to others for compensation. See Alaska Statutes 45.56.900
  • person: means an individual, a corporation, a partnership, a limited liability company, a limited partnership, a limited liability partnership, an association, a joint-stock company, a trust in which the interests of the beneficiaries are evidenced by a security, an unincorporated organization, a government, or a political subdivision of a government. See Alaska Statutes 45.56.900
  • Securities and Exchange Commission: means the United States Securities and Exchange Commission. See Alaska Statutes 45.56.900
  • Service of process: The service of writs or summonses to the appropriate party.
  • state: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Alaska Statutes 45.56.900
(b) The following federal covered investment advisers are not required to comply with (c) of this section:

(1) a federal covered investment adviser without a place of business in this state if the only clients of the federal covered investment adviser in this state are

(A) federal covered investment advisers, investment advisers registered under this chapter, and broker-dealers registered under this chapter;
(B) institutional investors;
(C) bona fide preexisting clients whose principal places of residence are not in this state; or
(D) other clients specified by a regulation adopted or order issued under this chapter;
(2) a federal covered investment adviser without a place of business in this state if the person has had, during the preceding 12 months, not more than five clients that are resident in this state in addition to those specified under (1) of this subsection; and
(3) any other person excluded by a regulation adopted or order issued under this chapter.
(c) A person acting as a federal covered investment adviser not excluded under (b) of this section shall file a notice, a consent to service of process complying with Alaska Stat. § 45.56.650, and the records that have been filed with the Securities and Exchange Commission under 15 U.S.C. §§ 80b-1 – 80b-21 (Investment Advisers Act of 1940) as required by a regulation adopted or order issued under this chapter and shall pay the fees specified in Alaska Stat. § 45.56.410.
(d) The notice under (c) of this section becomes effective upon filing.
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